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Bank Charges: Overdraft rates hit 19%

Overdraft charges hit a record high during October, according to official figures published by the Bank of England.

The average rates for an authorised overdraft reached 19.09 per cent last month, with consumers paying around 38 times more than the base rate of 0.5 per cent.

Bank customers who had been overdrawn by £1,000 for a year would have to pay around £200 in interest, excluding any additional charges or fees which may be incurred.

Andrew Hagger, of financial information website Moneynet, said: "When an overdraft is unauthorised, you can understand the idea that you are charged when you go further into the red.

"But to ask to borrow money and then be charged these exorbitant rates is just very difficult to swallow."

Lloyds Banking Group, which is part-owned by the taxpayer, charges 19.3 per cent to customers who have agreed an overdraft, as well as additional £5 monthly fee. ADNFCR-2776-ID-800277812-ADNFCR

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